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Stock Market & Financial Investment News

News Breaks
April 14, 2014
12:26 EDTC, MDT, EW, WBMD, GDP, ENH, AHL, FB, TWTR, NQOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday after a bigger than expected increase in retail sales, along with better than expected headline profits at Citigroup (C), lent some confidence to buyers at the start of a holiday-shortened week of trading. The retail data, which showed sales notched their largest gain in 1.5 years in March, added to a recent string of better than expected domestic economic reports. However, today's data was followed by an upward move in the major averages, which had not been the case in some recent trading sessions. ECONOMIC EVENTS: In the U.S., retail sales climbed 1.1% in March, beating expectations for an increase of 0.8%. Retail sales excluding autos rose 0.7%, which also beat estimates. Business inventories grew 0.4% in February, versus the consensus forecast for a 0.5% gain. In Europe, the EU's statistics agency said industrial production across the 18 countries that share the euro rose by 0.2% in February from the prior month and by 1.7% from the same month of the prior year. COMPANY NEWS: Shares of Citigroup advanced more than 4% after the company's first quarter earnings, excluding one-time items and accounting adjustments, of $1.30 per share easily beat the consensus $1.14 per share forecast. CEO Michael Corbat said the company delivered strong results despite a quarter "that was difficult," noting that the bank reduced its deferred tax assets more than any other quarter since the crisis and drove Citi Holdings closer to break even. Prior to today's good news, the bank had been in focus for a number of negative headlines during the quarter, including its disclosure of fraud in its Mexican unit and the Federal Reserve objecting to its capital return plans... Twitter (TWTR) shares rose over 3% after the company disclosed that its co-founders, Jack Dorsey and Evan Williams, and its CEO, Richard Costolo, have informed the company that they have no current plans to sell any of their shares as a lockup of the stock approaches on May 5. Social network peer Facebook (FB) also gained more than 1.5% after news reports from Europe said the company is close to obtaining Irish regulatory approval to provide financial services such as electronic payments and exchanges with other members... Aspen Insurance (AHL) remained up 10% near noon despite the company rejecting the takeover offer that its peer in the insurance and reinsurance industry, Endurance Specialty (ENH), made public. Aspen said the "ill-conceived" $47.50 per share buyout offer made by Endurance represents a "strategic mismatch" and carries "significant execution risk." MAJOR MOVERS: Among the notable gainers was Goodrich Petroleum (GDP), which jumped 37% after the company reported strong results for a well it drilled in Louisiana. Also higher was WebMD (WBMD), which advanced 18% after advising it now expects its Q1 revenue to be at the high end of the range the company previously provided and for its adjusted EBITDA to beat the high end of its prior guidance. Among the noteworthy losers was Medtronic (MDT), which dropped 2% after its competitor, Edwards Lifesciences (EW), was granted a preliminary injunction limiting the sale of Medtronic's CoreValve system in the U.S. due to patent infringement. Edwards, which was upgraded at JPMorgan and CRT Capital following the court victory, gained 12%. Also lower again were shares of NQ Mobile (NQ), which slid another 5.8% as its post-earnings weakness continues. Short selling research firm Muddy Waters, which has previously alleged NQ to be a fraud, said the recently reported results indicate that the company's auditor has stepped up its scrutiny of the Chinese company. INDEXES: Near midday, the Dow was up 131.17, or 0.82%, to 16,157.92, the Nasdaq was up 40.19, or 1.0%, to 4,039.93, and the S&P 500 was up 15.84, or 0.87%, to 1,831.53.
News For C;TWTR;FB;AHL;ENH;GDP;WBMD;EW;MDT;NQ From The Last 14 Days
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July 14, 2014
07:59 EDTCCitigroup reports Q2 EPS $1.24 ex-items, consensus $1.05
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07:22 EDTFBFacebook poised to report stronger than expected Q2 results, says Oppenheimer
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07:12 EDTMDTCovidien downgraded to Neutral from Overweight at Piper Jaffray
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07:05 EDTCCitigroup to settle DOJ, FDIC claims for $7B
07:03 EDTCCitigroup CEO: Settlement in best interests of shareholders
07:02 EDTCCitigroup CEO says has resolved substantially all legacy RMBS, CDO litigation
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07:01 EDTCCitigroup to take charge of approximately $3.8B pre-tax in Q2
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07:01 EDTCCitigroup to settle DOJ, FDIC claims for $7B
Citigroup announced that it has reached an agreement to settle the ongoing investigation of the Residential Mortgage-Backed Securities Working Group, part of the Financial Fraud Enforcement Task Force. Today’s agreement resolves actual and potential civil claims by the U.S. Department of Justice, several state attorneys general and the Federal Deposit Insurance Corporation relating to RMBS and collateralized debt obligations (CDOs) issued, structured or underwritten by Citi between 2003 and 2008. Under the terms of the settlement, Citigroup will pay a total of $4.5B in cash and provide $2.5B in consumer relief. The cash portion consists of a $4 billion civil monetary payment to the DOJ and $500M in compensatory payments to the State AGs and the FDIC. The consumer relief will be in the form of financing provided for the construction and preservation of affordable multifamily rental housing, principal reduction and forbearance for residential loans, as well as other direct consumer benefits from various relief programs. Citigroup has agreed to provide the consumer relief by the end of 2018. Michael Corbat, CEO of Citigroup, said, “The comprehensive settlement announced today with the U.S. Department of Justice, state attorneys general, and the FDIC resolves all pending civil investigations related to our legacy RMBS and CDO underwriting, structuring and issuance activities. We also have now resolved substantially all of our legacy RMBS and CDO litigation. We believe that this settlement is in the best interests of our shareholders, and allows us to move forward and to focus on the future, not the past.”
07:00 EDTCCitigroup announces settlement with RMBS Working Group
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July 13, 2014
20:31 EDTCCitigroup's $7B U.S settlement on mortgages expected Monday, Reuters says
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July 11, 2014
18:05 EDTENH, AHLProxy firm ISS, Egan-Jones reject both Endurance Specialty proposals
Aspen Insurance Holdings (AHL) noted that leading proxy advisory firms Institutional Shareholder Services and Egan-Jones Proxy Services recommend that Aspen shareholders REJECT both proposals made by Endurance Specialty (ENH) and REVOKE any authorizations submitted on such proposals by executing and returning Aspen’s BLUE revocation card. Chris O’Kane, Aspen’s CEO, said, “We are pleased that ISS and Egan-Jones agree with our position and are recommending that Aspen shareholders reject both of Endurance’s proposals. Rather than offering real value, Endurance is pursuing coercive legal tactics in an effort to buy Aspen at the lowest possible price. We urge shareholders to reject both of Endurance’s proposals.” In its recommendation, ISS noted that the proposals would cause unnecessary costs for Aspen shareholders, and Endurance shareholders, without providing equivalent benefit to Aspen shareholders. Aspen’s Board of Directors urges shareholders to REJECT both of Endurance’s proposals by promptly signing, dating and returning Aspen’s BLUE revocation card and disregarding Endurance’s white authorization card.
15:59 EDTTWTR, FB, COptions Update; July 11, 2014
iPath S&P 500 VIX Short-Term Futures down 33c to 28.25. Option volume leaders: AAPL C GILD X FB GOOG AMZN TWTR TSLA according to Track Data.
15:44 EDTCCitigroup technical comments ahead of results
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15:28 EDTCCitigroup July 47 straddle priced for 2.8% move into Q2
12:12 EDTCCitigroup to host conference call
Management holds a 2Q Fixed Income Investor Review conference call on July 18 at 11 am. Webcast Link
10:28 EDTCURS Corporation working with banks on potential sale, Reuters reports
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09:37 EDTC, FB, TWTRActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL WFC C SUNE FB AMZN TSLA TWTR
07:42 EDTFBFacebook should move higher on strong quarter, says Deutsche Bank
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07:20 EDTCBig banks seen losing reserve release cushion, Reuters says
Releasing loan-loss reserves has helped U.S. big banks weather a period of weak loan demand and lower fee income, but Q2 results from the banks may see less benefit from the practice as loss rates and reserves near their lower limits, said Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:10 EDTTWTR, FBJPMorgan expects solid Q2 results in Internet space
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